You need to remember the huge difference in alloy production vs. sales for the quarter.
There is another 25,010 tonnes in stock now worth a whole lot more. The production cost would've been around $25 million for this extra stock and now its available for sale at higher prices. I'm also betting OMH is keeping their powder dry for the conversions to Mn alloys and silicon metal. As mentioned previously silicon metal wasn't on the cards prior to 2023 and now its being done next year.
Ann: Media Release Sarawak Higher Q3 21 Production, page-36
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